Mumbai: Goldman Sachs has set a three-month target of 24,000 on the Nifty and 27,000 for the next 12 months. The brokerage firm said it is ‘tactically neutral’ on Indian equities within its Asia and emerging market allocations in 2025.”We expect the market to remain range-bound over the next three months and for a back-loaded recovery as growth picks up,” said Goldman in a client note. “While the structural positive case for India over the medium-term remains intact, we remain tactically neutral on India given slowing growth, high starting valuations and a less supportive domestic and external environment in the near-term.”Goldman’s 12-month target of 27,000 on the Nifty implies an upside of 15.6% over Thursday’s closing price of 23,349.90. The index fell 168.60 points or 0.7%. Goldman said the risk of derating in Indian equities remains even after the recent drop as valuations are still high. The estimated price to earnings ratio for MSCI India is at 23 times, above its 10-year mean and above its ‘fair value’ estimate of 21 times.Oversold StocksGoldman listed 16 stocks with buy ratings that have corrected over 20% from their three-month highs and are trading at “reasonable” valuations compared to the past. These are InterGlobe Aviation, Trent Limited, Cholamandalam Investment, Shriram Finance, Havells India, IndusInd Bank, Aurobindo Pharma, AU Small Finance Bank, L&T Finance, Star Health & Allied Insurance, Phoenix Mills, Crompton Greaves Consumer, Kajaria Ceramics, CreditAccess Grameen, Emami, and CE Info Systems (MapmyIndia).